The Bitcoin Briefing, 7 November
Trump’s historic win dominates this week’s headlines, but can, and will, he deliver on his most public of crypto friendly vote winning promises?
Bitcoin Market News
Time for Trump to Deliver on Crypto Promises
Trump’s return to the presidency places his extensive promises regarding Bitcoin and crypto under scrutiny. He has pledged to make the United States the “crypto capital of the planet” and central to his agenda is creating a strategic national Bitcoin stockpile, utilising Bitcoin currently held by the US government. He has also vowed to block the Federal Reserve from creating a CBDC, provide support for Bitcoin mining, provide regulatory clarity for stablecoins, fire SEC Chair Gary Gensler, and pardon Silk Road creator Ross Ulbricht.
New Bitcoin ATH As Trump Wins: What Next?
Bitcoin surged to a new record high, touching $75,358 during early Wednesday trading as Donald Trump beat Kamala Harris to win the 2024 election. While Trump has promised to make the US the “crypto capital” of the world, the specifics of his regulatory plans remain uncertain. Experts anticipate a strong year for digital assets, supported by Bitcoin's post-election history and Trump's potential crypto-friendly appointments with a Congress that is more supportive of digital assets than ever before.
US Votes in 'Most Pro-Crypto Congress Ever' as Senate Flips
The crypto industry is celebrating major wins after 247 pro-crypto candidates won seats in the House of Representatives, compared to 113 anti-crypto members according to data compiled by Stand With Crypto. The Senate also leans toward crypto, with 15 supporters and 10 opponents, as per data from Stand With Crypto, a crypto advocacy group launched by Coinbase. Trump’s victory, coupled with pro-crypto majorities in both the Senate and House, has industry insiders optimistic about the potential for clear and supportive regulation.
Strategic Bitcoin Reserve for U.S. Stability Recommended
A recent report by The Bitcoin Policy Institute has proposed that the United States establish a Strategic Bitcoin Reserve to bolster its economic stability, support geopolitical aims, and further national values of financial inclusion. The report underscores the value of Bitcoin’s decentralised structure and limited supply, positioning it as a unique alternative to traditional reserves like gold.
Bitcoin Trends
Will Bitcoin Be Banned?
Bitcoin challenges inflation-prone financial systems reliant on government debt and money printing. As people increasingly turn to alternatives like Bitcoin to safeguard wealth, governments may ban or tax it to preserve control over currency value, especially as inflation strains fiscal policies.
UK Pension Fund Integrates Bitcoin Into Portfolio
Cartwright, a UK-based actuarial and investments specialist, has achieved a significant first in the British retirement market. The renowned pensions advisor announced that it guided an unnamed retirement benefits scheme in integrating Bitcoin in its investment portfolio. The history-making allocation occurred in October following extensive deliberations with the scheme’s trustees. Those talks saw the fund’s leadership allocate 3% of its portfolio to BTC. Cartwright stated that the clincher was BTC’s asymmetric returns nature and the comprehensive risk management measures the scheme had adopted.
US Dollar's 'Death Warrant'? BRICS Power Play Revealed by Russia
Russian Foreign Minister Sergey Lavrov said the West has degraded the U.S. dollar’s status as a global reserve currency by using it as “a weapon of oppression” against geopolitical adversaries. He claimed that the US and its allies are dismantling the very globalisation system they once promoted. Lavrov further highlighted BRICS’ increasing reliance on national currencies. “Everybody wants to create alternative payment mechanisms, interbank settlements with the use of national currencies,” Lavrov explained, adding that during Russia’s BRICS presidency, members have advanced plans for resilient payment systems independent of the dollar.
Bitcoin Vs CBDCs & The Spiritual Battle For The Soul Of Humanity
This opinion piece tackles the debate between Bitcoin and Central Bank Digital Currencies as a philosophical and economic struggle. Bitcoin is viewed as a decentralised, user-controlled currency providing autonomy and freedom, whereas CBDCs are portrayed as government-controlled currencies that could restrict financial privacy and individual freedom. Critics argue that CBDCs represent a step toward state surveillance and control, while Bitcoin is framed as a defense against potential government overreach and financial manipulation.
Bit of Bitcoin fun
Hunt for Satoshi Nakamoto Hits Another Dead-End
Bitcoin's founder, Satoshi Nakamoto, remains a mystery despite new claims by Stephen Mollah, who recently failed to provide evidence during a press event. Past contenders, including Peter Todd, Craig Wright, and even Elon Musk, have also denied or lacked proof. Some believe Nakamoto's anonymity protects Bitcoin's independence, while others feel it distracts from cryptocurrency's economic impact.
